Thursday, December 8, 2022

Ripple Labs Claims To Have A Big Win In The SEC Case

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Ripple Labs claims to have a big win in the SEC case as the Judge denied the SEC’s motion to review documents that could not be material to the prosecution so let’s read more in today’s latest Ripple news.

Ripple Labs claims to have made a small victory in the SEC case after a judge made a ruling that one Ripple community lawyer called a “very big win for Ripple.” The SEC filed suit in 2020 against Ripple and Brad Garlinghouse as well as Christian Larsen for selling unregistered securities. Judge Sarah Netburn denied the SEC’s request to consider shielding the documents under privilege related to the 2018 speech that was made by the then-director Willian Hinman. In the speech, he said BTC and ETH are not securities.

The sEC didn’t object to the documents falling outside of process privilege protection as it suggested they were concerned only Hinman’s personal views and not Ripple’s. The DPP Exempcted some documents in a case from being disclosed by the government so it can review the existing policy based on the materials of the documents. The SEC changed tack to argue the speech reflected the Ripple policies rather than Himan’s views and should be shielded. Judge Netburn said that the SEC should not contradict itself in trying to change the assertions and she wrote:

“The SEC seeks to have it both ways, but the Speech was either intended to reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views, the SEC cannot now reject its own position.”

This is an important ruling, the case is not winding up just yet and the SEC has two weeks to appeal the decision. Most of the industry is focused on the proceedings of the case as the outcome can spell out the future of the SEC filings against crypto companies for the sales of unregistered securities. Winning the case for ripple could see the SEC pull back from its aggressive litigations against the industry and if the SEC wins, the floodgates will open and lawyers will have similar crypto issues will have a space for them.

Also, Bitcoin supporters blasted Ripple’s Chris Larsen’s comments and proposal to change the BTC code. The co-founder of Ripple became quite popular over the day with a call for BTC to reduce its environmental impact. He teamed up with Greenpeace and the Sierra Club while launching a $5 million campaign called “Change The code, not the Climate” which will call attention to Bitcoin’s energy use.

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